Bitcoin at a Very Critical Junction! According to the Analyst, This Level Will Determine Its Fate: Pump or Dump?

The leading cryptocurrency, Bitcoin ($BTC), has been experiencing a surge in recent days, influenced by the ceasefire talks between the US and Iran.

After rising above $76,000, $BTC, as it has for a long time, encountered resistance and was rejected, falling back to the $74,000 level.

While bullish expectations continue due to $BTC’s recent movements, one analyst has warned of a major drop.

At this point, popular analyst Ali Martinez said that Bitcoin is at a critical juncture.

According to Martinez, Bitcoin has once again tested the 100-day moving average (SMA), which is considered a significant resistance level.

Sharing his latest analysis from account X, the analyst stated that for the third time in the last six months, $BTC has retested the 100-day SMA level on the daily chart as a resistance point.

He added that $BTC absolutely needs to hold the $73,000 level to sustain its upward momentum.

The analyst noted that the market failed to hold this level twice, once in October last year and again in January this year, and said that if it doesn’t break this resistance permanently this time, further declines could occur.

Martinez warned that a failure of the current retest could form a triple top pattern. This pattern could potentially send the Bitcoin price back to its all-time low of $59,000.

Conversely, if $BTC breaks this resistance and establishes a sustained position above the 100-day SMA, the price could rise to the $80,000-$84,000 range, he stated.

*This is not investment advice.